The People vs. Goldman Sachs

May 19, 2011
J. Webster
Comments Off on The People vs. Goldman Sachs

The man who famously labeled Goldman Sachs the “vampire squid”, Rolling Stone writer Matt Taibbi, is back at it again, this time outlining, with the help of a Senate Subcommittee’s study, just how Goldman Sachs orchestrated numerous frauds over the years. Greed is good. I don’t know.

It’s hard to say what is going to happen if anything to Goldman Sachs, they’re stock is taking a hit with all of this negative press and the worry over government intervention or prosecution. However, in many ways, for the economy to turn around the stock market needs to turn around, and that means Goldman, do they want to drag this out further? Is it worth it to attack Goldman?

Here’s the story from Taibbi:

“The great and powerful Oz of Wall Street was not the only target of Wall Street and the Financial Crisis: Anatomy of a Financial Collapse, the 650-page report just released by the Senate Subcommittee on Investigations, chaired by Democrat Carl Levin of Michigan, alongside Republican Tom Coburn of Oklahoma. Their unusually scathing bipartisan report also includes case studies of Washington Mutual and Deutsche Bank, providing a panoramic portrait of a bubble era that produced the most destructive crime spree in our history — “a million fraud cases a year” is how one former regulator puts it. But the mountain of evidence collected against Goldman by Levin’s small, 15-desk office of investigators — details of gross, baldfaced fraud delivered up in such quantities as to almost serve as a kind of sarcastic challenge to the curiously impassive Justice Department — stands as the most important symbol of Wall Street’s aristocratic impunity and prosecutorial immunity produced since the crash of 2008.”

Read full story over at Rolling Stone.

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